🚀 Revolut abandons acquisition plans, seeks to obtain a banking license in the USA
📅 Revolut plans to apply for a banking license in the USA through OCC, abandoning previous plans to acquire a local bank.
🛡 The financial technology startup from the UK considered the possibility of buying a local lender, which would require support from a branch network.
💰 This strategic shift aims to bolster Revolut's global expansion efforts.
📊 The company is valued at $75 billion following a recent stock sale, placing it among the leading financial technologies in the world.
⚙️ Revolut's CEO in the USA, Sid Jajodia, emphasized the urgency of obtaining a banking license for effective scaling of operations.
📈 The company is also working on obtaining regulatory approvals in other countries, recently securing licenses in Colombia and Mexico.
⚖️ This move comes against the backdrop of a regulatory environment that may facilitate faster approvals under the current administration.